Hwaway Technology(SZ:001380) Xin Lang Cai Jing·2025-04-15 08:33Core Viewpoint - The company reported a significant increase in revenue and net profit for 2024, driven by the growth in suspension system components and strong partnerships with major automotive brands [1][2]. Revenue Summary - In 2024, the company achieved revenue of 1.86 billion yuan, a year-on-year increase of 49.7% [1]. - The revenue from suspension system components (suspension springs and stabilizers) reached 1.63 billion yuan, reflecting a year-on-year growth of 60.2% [1]. - The company has established strong partnerships with well-known automotive brands and suppliers, including BYD, Geely, Great Wall, and others, which has contributed to stable performance [1]. Profitability Summary - In Q4 2024, the company's gross margin was 27.12%, showing a year-on-year decrease of 0.26 percentage points but an increase of 0.44 percentage points compared to the previous quarter [2]. - The decline in gross margin year-on-year was primarily due to accounting standard adjustments, while the quarter-on-quarter increase was attributed to full capacity utilization from order releases [2]. - The company experienced a credit asset impairment of 23 million yuan in Q4 2024, which impacted the net profit margin [2]. Capacity and Global Strategy Summary - The company is steadily advancing its capacity construction, with plans to invest 250 million yuan in projects for producing 9 million new energy vehicle stabilizers and 100,000 sets of robot and engineering machinery springs [2]. - In 2024, the company announced the establishment of a production base in Chongqing with an investment of approximately 600 million yuan to enhance market share in the southwest region [2]. - The year 2024 marks a critical step in the company's globalization strategy, with plans to establish R&D and production bases in Germany, Mexico, and Morocco by 2025 [2].